Consolidated Edison, Inc.

Exhibit 12.1

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Six Months Ended June 30, 2004		For the Twelve Months Ended December 31, 2003			For the Six Months Ended June 30, 2003
Earnings
Net Income for Common Stock	$	241	$	528		$	220
Preferred Stock Dividend		6		11			6
Cumulative Effect of Changes in Accounting Principles		—		(3	)		—
(Income) or Loss from Equity Investees		2		—			—
Minority Interest Loss		—		2			1
Income Tax		143		315			137
Pre-Tax Income from Continuing Operations	$	392	$	853		$	364
Add: Fixed Charges*		250		491			239
Add: Distributed Income of Equity Investees		—		—			—
Subtract: Interest Capitalized		—		5			6
Subtract: Preferred Stock Dividend Requirement		9		17			9
Earnings	$	633	$	1,322		$	588
* Fixed Charges
Interest on Long-term Debt	$	207	$	388		$	192
Amortization of Debt Discount, Premium and Expense		7		13			6
Interest Capitalized		—		5			6
Other Interest		16		45			16
Interest Component of Rentals		11		22			10
Preferred Stock Dividend Requirement		9		18			9
Fixed Charges	$	250	$	491		$	239
Ratio of Earnings to Fixed Charges		2.5		2.7			2.5